The Searle Pharma Company Limited (SEARL) has announced that it successfully raised Rs. 4.365 billion through the issuance of Right Shares to existing shareholders. The total size of the issue size was Rs.4.69 billion, which leads to 92% subscription.
As per the notice to PSX, the unsubscribed portion of the Rights Issue which is Rs 329 million shall be allocated to the Board of Directors of the company in accordance with Section 83 of the Companies Act 2017.
The decision of the Board regarding the allotment of the unsubscribed shares shall be eventually communicated to the Exchange. Moreover, the company will also share the External Auditors certificate of confirming receipts of the funds raised through Rights Issue, the notification said.
Searl Pharma company is one of Pakistan’s leading Pharma company. It is raising funds to increase it capacity in order to cater to increased demand.
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